NASHVILLE, Tenn. (WKRN) — Developers announced Monday morning a massive mixed-use development along the east bank of the Cumberland River between East Nashville and Germantown.
Developers MRP Realty and Creek Lane Capital announced the acquisition of 13 acres of land in River North Nashville, a designated Opportunity Zone, where they will develop a 1.3 million square foot mixed-use project along the Cumberland River in The Landings.
“You’re reclaiming what has been blighted industrial areas and really giving it back to the community” claimed MRP managing principal Bob Murphy.
“River North presents wonderful opportunities to activate Nashville’s riverfront on the east bank of the Cumberland River,” Mayor David Briley said. “The plan envisioned by MRP and Creek Lane will bring new jobs and residential and retail spaces, turning a long-neglected area into a walkable neighborhood. I’m very grateful to MRP and Creek Lane for their donation of a riverfront park that will create new connections for Metro’s beloved greenway system.”
The site is direct across the river from the Germantown submarket and will capitalize on the surrounding growth and the resurgence of downtown living in Nashville, according to a release.
The development will sit just behind Top Golf, which kicked off the vision for the area nearly two years ago.
“At Top Golf, we like to get into communities early and let them kind of grow around us a little bit, and I think that’s definietly what has happened here,” said Travis Miller Director of Operations for Top Golf.
Miller says while business has been good, they look forward to the growth around them making it even better.
“It’s great to revitalize this side of town,” Miller said. “It will be great for businesses and commerce all around for everybody.”
The release goes on to say this will be the first master-planned waterfront community east of the river and the catalyst establishing a vibrant lifestyle along the Cumberland River and will expand the greater downtown Nashville.
“This site provides us with the opportunity to celebrate the industrial history of the area by repositioning one of the existing waterfront warehouse buildings, which will become a focal point of the project,” said MRP managing principal Bob Murphy. “As we connect the waterfront to downtown Nashville, we will activate the entire area for new residents to enjoy a lifestyle of walkability and access to retail, restaurants, open space and office.”
“We are incredibly excited to be announcing the first vertical development in River North,” added property sellers Don Allen and Howard Schiller of Monroe Investment Partners. “The Creek Lane project, which will immediately establish River North as Nashville’s newest neighborhood, along with the City’s investment in infrastructure will be the catalyst for the redevelopment of the East Bank and the establishment of River North as Nashville’s premier neighborhood to live, work, and play.”
Phase I of the project will begin within the year and will include more than 600 multifamily units, 85,000 square feet of retail and 50,000 square feet of creative office, according to a release.
“This is an ideal investment for Creek Lane Capital as we seek opportunities which are positioned for long-term growth and add value in burgeoning communities,” said Kevin Mulhall, Creek Lane managing principal and CIO, “We have worked with MRP on multiple projects and they are experienced with other major riverfront developments.”
Plans include a public riverfront park along the entirety of the site, which will connect with the existing Cumberland River Greenway system. The largest portion of development allows for maximum Opportunity Zone benefits. Phase II will include over 500 units and an additional 50,000 square feet of retail.
Fifth District Councilman Scott Davis says this project has been in the works for years.
“This is going to move not just District 5 forward, but it’s going to move all of Nashville forward,” Davis explained.
He is not only looking forward to revitalizing the area but also having more job opportunities for those in his district.
“Just with the pre-construction and construction, it’s creating jobs for people that live in my neighborhood already,” Davis told News 2.
News 2 is reporting on Nashville’s historic growth and the growing pains that come with it. Click here for more Nashville 2019 reports.